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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________to___________                 
Commission File Number 333-199861
MYLAN N.V.
(Exact name of registrant as specified in its charter)
Netherlands
 
98-1189497
(State or other jurisdiction
of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
Building 4, Trident Place, Mosquito Way, Hatfield, Hertfordshire, AL10 9UL, England
(Address of principal executive offices)
+44 (0) 1707-853-000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
 
 
 
 
Ordinary shares, nominal value €0.01
 
MYL
 
The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of July 23, 2019, there were 515,869,921 of the issuer’s 0.01 nominal value ordinary shares outstanding.
 


Table of Contents

MYLAN N.V. AND SUBSIDIARIES
INDEX TO FORM 10-Q
For the Quarterly Period Ended
June 30, 2019

  
 
Page
 
PART I — FINANCIAL INFORMATION
 
ITEM 1.
Condensed Consolidated Financial Statements (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
ITEM 3.
 
 
 
ITEM 4.
 
 
 
 
PART II — OTHER INFORMATION
 
ITEM 1.
 
 
 
ITEM 1A.
 
 
 
ITEM 6.
 
 
 
 

2

Table of Contents

PART I — FINANCIAL INFORMATION

MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; in millions, except per share amounts)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Net sales
$
2,818.2

 
$
2,755.5

 
$
5,278.8

 
$
5,405.9

Other revenues
33.3

 
52.8

 
68.2


86.9

Total revenues
2,851.5

 
2,808.3

 
5,347.0

 
5,492.8

Cost of sales
1,918.9

 
1,845.8

 
3,609.2

 
3,546.0

Gross profit
932.6

 
962.5

 
1,737.8

 
1,946.8

Operating expenses:
 
 
 
 
 
 
 
Research and development
147.6

 
206.7

 
320.2

 
411.6

Selling, general and administrative
668.6

 
623.3

 
1,276.5

 
1,230.8

Litigation settlements and other contingencies, net
20.9

 
(46.4
)
 
21.6

 
(30.2
)
Total operating expenses
837.1

 
783.6

 
1,618.3

 
1,612.2

Earnings from operations
95.5

 
178.9

 
119.5

 
334.6

Interest expense
131.2

 
139.2

 
262.4

 
270.9

Other expense, net
16.4

 
21.0

 
23.7

 
34.5

(Loss) Earnings before income taxes
(52.1
)
 
18.7

 
(166.6
)
 
29.2

Income tax provision (benefit)
116.4

 
(18.8
)
 
26.9

 
(95.4
)
Net (loss) earnings
$
(168.5
)
 
$
37.5

 
$
(193.5
)
 
$
124.6

(Loss) Earnings per ordinary share:
 
 
 
 
 
 
 
Basic
$
(0.33
)
 
$
0.07

 
$
(0.38
)
 
$
0.24

Diluted
$
(0.33
)
 
$
0.07

 
$
(0.38
)
 
$
0.24

Weighted average ordinary shares outstanding:
 
 
 
 
 
 
 
Basic
515.5

 
514.4

 
515.3

 
514.4

Diluted
515.5

 
516.3

 
515.3

 
516.6




See Notes to Condensed Consolidated Financial Statements
3


Table of Contents

MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings
(Unaudited; in millions)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) earnings
$
(168.5
)
 
$
37.5

 
$
(193.5
)
 
$
124.6

Other comprehensive earnings (loss), before tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment
196.6

 
(1,088.7
)
 
(141.9
)
 
(826.8
)
Change in unrecognized gain (loss) and prior service cost related to defined benefit plans

 
2.8

 
0.2

 
(1.5
)
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships
9.4

 
(62.2
)
 
35.4

 
(94.2
)
Net unrecognized (loss) gain on derivatives in net investment hedging relationships
(36.3
)
 
119.1

 
21.8

 
59.9

Net unrealized gain (loss) on marketable securities
0.2

 
0.3

 
0.6

 
(0.1
)
Other comprehensive earnings (loss), before tax
169.9

 
(1,028.7
)
 
(83.9
)
 
(862.7
)
Income tax provision (benefit)
1.1

 
(20.9
)
 
12.9

 
(32.1
)
Other comprehensive earnings (loss), net of tax
168.8

 
(1,007.8
)
 
(96.8
)
 
(830.6
)
Comprehensive earnings (loss)
$
0.3

 
$
(970.3
)
 
$
(290.3
)
 
$
(706.0
)




See Notes to Condensed Consolidated Financial Statements
4


Table of Contents

MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited; in millions, except share and per share amounts)
 
June 30,
2019
 
December 31,
2018
ASSETS
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
211.5

 
$
388.1

Accounts receivable, net
2,703.8

 
2,881.0

Inventories
2,776.2

 
2,580.2

Prepaid expenses and other current assets
573.9

 
518.4

Total current assets
6,265.4

 
6,367.7

Property, plant and equipment, net
2,146.0

 
2,170.2

Intangible assets, net
12,730.7

 
13,664.6

Goodwill
9,692.9

 
9,747.8

Deferred income tax benefit
553.1

 
572.2

Other assets
428.8

 
212.4

Total assets
$
31,816.9

 
$
32,734.9

 
 
 
 
LIABILITIES AND EQUITY
Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
1,538.2

 
$
1,617.0

Short-term borrowings
26.2

 
1.9

Income taxes payable
138.5

 
121.5

Current portion of long-term debt and other long-term obligations
724.4

 
699.8

Other current liabilities
2,133.0

 
2,147.6

Total current liabilities
4,560.3

 
4,587.8

Long-term debt
12,590.1

 
13,161.2

Deferred income tax liability
1,635.1

 
1,722.0

Other long-term obligations
1,128.6

 
1,096.8

Total liabilities
19,914.1

 
20,567.8

Equity
 
 
 
Mylan N.V. shareholders’ equity
 
 
 
Ordinary shares — nominal value €0.01 per ordinary share
 
 
 
Shares authorized: 1,200,000,000
 
 
 
Shares issued: 540,459,996 and 539,289,665 as of June 30, 2019 and December 31, 2018
6.1

 
6.0

Additional paid-in capital
8,617.3

 
8,591.4

Retained earnings
5,820.8

 
6,010.7

Accumulated other comprehensive loss
(1,541.7
)
 
(1,441.3
)
 
12,902.5

 
13,166.8

Less: Treasury stock — at cost
 
 
 
Ordinary shares: 24,598,074 and 23,490,867 as of June 30, 2019 and December 31, 2018
999.7

 
999.7

Total equity
11,902.8

 
12,167.1

Total liabilities and equity
$
31,816.9

 
$
32,734.9



See Notes to Condensed Consolidated Financial Statements
5


Table of Contents

MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited; in millions, except share amounts)
 
 
 
 
 
Additional Paid-In Capital
 
Retained
Earnings
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Equity
 
Ordinary Shares
 
 
 
Treasury Stock
 
 
 
Shares
 
Cost
 
 
 
Shares
 
Cost
 
 
Balance at March 31, 2019
539,943,344

 
$
6.0

 
$
8,606.5

 
$
5,989.3

 
23,490,867

 
$
(999.7
)
 
$
(1,710.5
)
 
$
11,891.6

Net loss

 

 

 
(168.5
)
 

 

 

 
(168.5
)
Other comprehensive earnings, net of tax

 

 

 

 

 

 
168.8

 
168.8

Issuance of restricted stock and stock options exercised, net
516,652

 

 
1.6

 

 

 

 

 
1.6

Taxes related to the net share settlement of equity awards

 

 
(7.6
)
 

 

 

 

 
(7.6
)
Share-based compensation expense

 

 
16.8

 

 

 

 

 
16.8

Cancellation of restricted stock

 
0.1

 

 

 
1,107,207

 

 

 
0.1

Balance at June 30, 2019
540,459,996

 
$
6.1

 
$
8,617.3

 
$
5,820.8

 
24,598,074

 
$
(999.7
)
 
$
(1,541.7
)
 
$
11,902.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Paid-In Capital
 
Retained
Earnings
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Equity
 
Ordinary Shares
 
 
 
Treasury Stock
 
 
 
Shares
 
Cost
 
 
 
Shares
 
Cost
 
 
Balance at December 31, 2018
539,289,665

 
$
6.0

 
$
8,591.4

 
$
6,010.7

 
23,490,867

 
$
(999.7
)
 
$
(1,441.3
)
 
$
12,167.1

Net loss

 

 

 
(193.5
)
 

 

 

 
(193.5
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(96.8
)
 
(96.8
)
Issuance of restricted stock and stock options exercised, net
1,170,331

 

 
3.9

 

 

 

 

 
3.9

Taxes related to the net share settlement of equity awards

 

 
(12.8
)
 

 

 

 

 
(12.8
)
Share-based compensation expense

 

 
34.8

 

 

 

 

 
34.8

Cancellation of restricted stock

 
0.1

 

 

 
1,107,207

 

 

 
0.1

Cumulative effect of the adoption of new accounting standards

 

 

 
3.6

 

 

 
(3.6
)
 

Balance at June 30, 2019
540,459,996

 
$
6.1

 
$
8,617.3

 
$
5,820.8

 
24,598,074

 
$
(999.7
)
 
$
(1,541.7
)
 
$
11,902.8



See Notes to Condensed Consolidated Financial Statements
6


Table of Contents

 
 
 
 
 
Additional Paid-In Capital
 
Retained
Earnings
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Equity
 
Ordinary Shares
 
 
 
Treasury Stock
 
 
 
Shares
 
Cost
 
 
 
Shares
 
Cost
 
 
Balance at March 31, 2018
538,861,761

 
$
6.0

 
$
8,610.3

 
$
5,745.0

 
23,490,867

 
$
(999.7
)
 
$
(191.5
)
 
$
13,170.1

Net earnings

 

 

 
37.5

 

 

 

 
37.5

Other comprehensive loss, net of tax

 

 

 

 

 

 
(1,007.8
)
 
(1,007.8
)
Issuance of restricted stock and stock options exercised, net
149,149

 

 
3.1

 

 

 

 

 
3.1

Share-based compensation income

 

 
(0.8
)
 

 

 

 

 
(0.8
)
Balance at June 30, 2018
539,010,910

 
$
6.0

 
$
8,612.6

 
$
5,782.5

 
23,490,867

 
$
(999.7
)
 
$
(1,199.3
)
 
$
12,202.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Paid-In Capital
 
Retained
Earnings
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
Total
Equity
 
Ordinary Shares
 
 
 
Treasury Stock
 
 
 
Shares
 
Cost
 
 
 
Shares
 
Cost
 
 
Balance at December 31, 2017
537,902,426

 
$
6.0

 
$
8,586.0

 
$
5,644.5

 
13,695,251

 
$
(567.7
)
 
$
(361.2
)
 
$
13,307.6

Net earnings

 

 

 
124.6

 

 

 

 
124.6